Running a CPA firm offers many satisfactions and more than a few challenges. It also involves asking yourself a lot of difficult questions - Are we on the right path to meet our short- and long-term goals? Are we competitive in our marketplace? Are we positioned to find the staff we need? When it comes to decision making—whether on day-to-day issues or long-term strategic planning—it’s a lot easier to find answers for those questions when you know how firms like your own are handling similar concerns. The PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey offers the solutions you need, and its benefits are available to US and Canadian Public Accounting firms of all sizes. I encourage you to participate today. The CPA profession’s premier benchmarking study, it provides key metrics broken down by firm size and region that will help you understand where you stand in relation to your peers. Here are five ways your firm will benefit from the survey’s benchmarking data.
Find out how other firms are performing. You may know you’re doing well, but there’s no way of estimating, for example, how your growth in overall revenues compares with those of other firms of the same size. Similarly, you may have improved your utilization and realization rates over time—or be trying to—but would you do anything differently if you could see how your rates stack up against those of other practices? Once you see the comparison side-by-side, you may decide to set new goals for any number of key performance indicators. On the other hand, the data may confirm that you’re on the right course, which can give you confidence in the way your firm is operating.